SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Adjustment : Income Received in Advance
Adjustment : Income Received in Advance Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
|
1365 videos|1312 docs|1010 tests
|
FAQs on Adjustment : Income Received in Advance Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What does it mean to have income received in advance? |  |
Ans. Income received in advance refers to the situation where a company receives payment for goods or services before providing them. This creates a liability for the company as they still owe the goods or services to the customer.
| 2. How is income received in advance recorded in the financial statements? | |
Ans. Income received in advance is recorded as a liability on the balance sheet. It is typically classified as a current liability since it is expected to be recognized as revenue within the next accounting period.
| 3. Why is it important to account for income received in advance? | |
Ans. Accounting for income received in advance is important as it ensures accurate financial reporting. By recognizing the liability, companies can avoid overstating their revenue and provide a more realistic picture of their financial position.
| 4. What happens when the goods or services are provided after receiving income in advance? | |
Ans. When the goods or services are provided after receiving income in advance, the liability is reduced, and the corresponding revenue is recognized. This is done by adjusting the previously recorded liability and recording the revenue in the income statement.
| 5. Can income received in advance be refunded to the customer? | |
Ans. Yes, income received in advance can be refunded to the customer if the goods or services are not provided as agreed. In such cases, the liability is reversed, and the refund is recorded as an expense in the income statement. It is important for companies to have proper refund policies and procedures in place to handle such situations efficiently.
About this Video
|
4.61/5 Rating |
|
Nov 22, 2024 Last updated |
Video Description: Adjustment : Income Received in Advance for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation.
The notes and questions for Adjustment : Income Received in Advance have been prepared according to the SSC CGL exam syllabus.
Information about Adjustment : Income Received in Advance covers all important topics for SSC CGL 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Adjustment : Income Received in Advance.
Introduction of Adjustment : Income Received in Advance in English is available as part of our SSC CGL Tier 2 - Study Material, Online Tests, Previous Year for SSC CGL & Adjustment : Income Received in Advance in
Hindi for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year course. Download more important topics related with notes, lectures and mock test series for
SSC CGL Exam by signing up for free.
Description
Video Lecture & Questions for Adjustment : Income Received in Advance Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - SSC CGL full syllabus preparation | Free video for SSC CGL exam to prepare for SSC CGL Tier 2 - Study Material, Online Tests, Previous Year.
Information about Adjustment : Income Received in Advance
Here you can find the meaning of Adjustment : Income Received in Advance defined & explained in the simplest way possible.
Besides explaining types of Adjustment : Income Received in Advance theory, EduRev gives you an ample number of questions to practice Adjustment : Income Received in Advance tests,
examples and also practice SSC CGL tests.
|
1365 videos|1312 docs|1010 tests
|
|
Explore Courses for SSC CGL exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Online Tests
,Summary
,Sample Paper
,Previous Year
,study material
,MCQs
,Previous Year Questions with Solutions
,Adjustment : Income Received in Advance Video Lecture | SSC CGL Tier 2 - Study Material
,video lectures
,Important questions
,Exam
,Viva Questions
,practice quizzes
,Online Tests
,Previous Year
,Online Tests
,Previous Year
,Objective type Questions
,shortcuts and tricks
,Free
,Extra Questions
,past year papers
,mock tests for examination
,ppt
,Adjustment : Income Received in Advance Video Lecture | SSC CGL Tier 2 - Study Material
,Adjustment : Income Received in Advance Video Lecture | SSC CGL Tier 2 - Study Material
,Semester Notes
;
Study Adjustment : Income Received in Advance on the App
Students of SSC CGL can study Adjustment : Income Received in Advance alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Adjustment : Income Received in Advance,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Adjustment : Income Received in Advance is prepared as per the latest SSC CGL syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup